RedGo Buys 42 Acres Fronting Rand Rd in Garner, NC

WEST CHESTER, PA — RedGo Development of West Chester has planted its flag in suburban Raleigh, NC with the purchase of 42 acres fronting Rand Road in Garner, Wayne County, where it plans to develop a residential complex.

The purchase from Wells Fargo Bank follows RedGo’s acquisition earlier this year of a 32-acre site in Berlin Township, Camden County, NJ.

According to Fred Goebert, president of RedGo, the Garner parcel was a former mobile home park that has since been abandoned. The previous owner partially subdivided the property into 98 single-family lots, but those approvals have since expired. RedGo plans to redesign the site for current market conditions, including the strong possibility of a single-family rental community.

Zoned residential, Goebert said RedGo would be preparing a master plan for the property after meeting with local officials and area residents in the weeks ahead.

“We invested in this land because it represents an excellent opportunity for us to enter North Carolina’s fastest growing metropolitan area. Such parcels are in the path of development and, in times like these, RedGo can get footholds in new locations because local developers are nervous and allow good deals to slip by,” Goebert said.

A privately held company, RedGo has been a leader in commercial real estate development in Southeastern Pennsylvania since its founding in 1998 and earlier this year expanded its operations to Southern New Jersey.